SPRINGFIELD – The city is accepting proposals from developers interested in buying and redeveloping a tax-foreclosed building at 380 Bay St. in the McKnight neighborhood that previously housed a car repair garage.

Proposals are due by 2 p.m. on Aug. 18 at the Office of Procurement at City Hall.

The lot is 7,241 square feet, and includes a 1,485-square-foot, one-story building. The property has an assessed value of $112,400.

Under the request for proposals, the city is not required to select the highest price for the property, but rather the proposal that is “most advantageous.” The property is being sold “as is,” and the city can reject any and all bids, under specifications.

The city will appoint a review committee to evaluate any submitted proposals. Any sale requires approval from the mayor and City Council.

The property will be sold with a “reverter clause” that requires the developer to complete the project within 12 months of the deed being finalized, and occupied by an owner within 12 months.

The city, in considering the sale of the property, will weigh factors including landscaping and street view improvements, the creation of jobs, proof of financing, and the timeline for the project, according to the specifications.